The performance of FHA loans is improving, and program changes to help guide the housing market recovery are still being finalized, but Department of Housing and Urban Development officials are still looking to strike the right balance. “The mortgage market is purely on life support and being sustained by the federal government,” FHA Commissioner David Stevens told industry executives at a Mortgage...
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Department of Housing and Urban Development officials said they have begun a major effort to revamp the agency’s information technology with the goals of using more input from vendors, streamlining vital processes and increasing the transparency of the systems. FHA officials have lofty goals for a department notorious for its antiquated IT. “We’re hoping to be the best IT department in...
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Originations of FHA home equity conversion mortgages slowed for the second straight month to end the first quarter of 2010. Meanwhile, Department of Housing and Urban Development officials are doubtful the agency will receive the $250 million government subsidy HUD requested in the fiscal 2011 budget. Total HECM lending dropped to $5.55 billion in 1Q10, down from $6.97 billion in the fourth quarter...
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The FHA finalized its temporary waiver of an existing regulation preventing rapid re-selling of FHA-insured homes last week, but a government watchdog expressed concern that the change will open new opportunities for fraud. The Department of Housing and Urban Development published a rule in the May 21 Federal Register noting that for certain home sales made on or after Feb. 1 this year...
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Ginnie Mae has seen a slight pullback in its mortgage-backed securities issuance from the record highs reached last summer, but president Ted Tozer said the small government agency is focused on both investors and lenders as it looks to adjust the technical details of its MBS production. “My goal is to make Ginnie Mae more of a partner with its various stakeholders,” Tozer said at a Mortgage...
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The Department of Housing and Urban Development established new standards for foreclosed properties that had been financed by FHA loans. The regulations will take effect July 13. Mortgagee Letter 2010-18 said a lender may request over-allowable approval from HUD only if its property and preservation costs exceed $2,500 per property. The $2,500 total does not include one-time major repair...
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